At our next concert of the Open Door Choir we intend to sing this number inclusive of the man made sound effects. By rubbing the hands to commence, then for different sections begin to click their fingers at varying intensities, followed by varying stomps, you can emulate perfectly a storm.
Saturday, February 10
The rains in Africa - Angel City Chorale
At our next concert of the Open Door Choir we intend to sing this number inclusive of the man made sound effects. By rubbing the hands to commence, then for different sections begin to click their fingers at varying intensities, followed by varying stomps, you can emulate perfectly a storm.
Friday, February 9
Governance and Accounting standards in Australia
Introduction
In
Australia the information in published accounts is highly regulated in
accordance with comprehensive legislative and professional bodies that issue
standards and guidance. In addition the ASX (Australian Stock Exchange) provides
rules for listed entities which come under the provisions of contact law.
Whilst the ASX also issues a number of non- binding suggestions, nevertheless they
have been almost unanimously adopted. Hence the format of Reports for most publically
listed entities is very similar.
From
my experience the Australian approach which tends to favour descriptive principles
rather than a prescriptive approach favoured by the US is far more effective. People
tend to respond more ethically if one is required to use one’s imagination. In
other words applying a broadly based principled approach as opposed to being prescriptive
which risks dissolving into a purely box ticking compliance approach.
The
principal legislative requirements are contained in the Corporations Act 2001 whose
provisions are enforced by ASIC. (Australian
Securities & Investment Commission). ASIC is involved in surveillance,
investigation and enforcement of the financial reporting requirements.
The
Act gives legal effect to auditing standards requiring auditors to adhere to the
ethical standards laid down by the Accounting Professional and Ethical
Standards Board (APESB).
Input by professional bodies.
In
turn professional accounting bodies also enforce expected professional
standards and integrity from their members.
For
instance, our largest accounting body, namely CPA Australia, last year reported 94% of members met all
professional standards and requirements or had minor non-compliance issues
which were resolved before the review was finalised; and that 6 per cent of
members reviewed showed a level on non-compliance where follow-up action was
required. All such matters were resolved after follow-up action. These results
were similar to the previous year.
Advocacy & research- Governance Institute of Australia.
The Institute champion’s
ethics in business and for its members who may be employed as governance
professionals or legal counsels in larger organizations. The institute provides
consultative services pertaining to governance strategies and solutions aimed
at not only ensuring a company conducts its affairs ethically, but also can evolve,
grow and succeed by adopting enhanced risk management practices.
The institute engages with
government on any proposed legislative and regulatory reform.
The
FRC appoints members to the Accounting Standards Board in Australia, and has listed its aims to reduce the cost
of capital and ensure Australian entities can compete effectively overseas. Its
principal thrust is to maintain investor confidence and to ensure accounts are clearly
stated and easy to understand. Its annual report is presented to the Federal
Treasurer.
The
ASIC Act however limits the FRC’s ability to act directly in relation to setting
accounting standards which becomes the responsibility of the Australian
Standards Board.
Rather
the role of the FRC is to monitor Australian accounting, auditing and assurance
standards to ensure their relevance to capital markets and reporting by the private
and public sectors.
Its principal role is to oversee auditing
and assurance standards for world-wide use, whilst ensuring it continues to be best
practice in Australia. However the technical know-how in achieving that aim is
delegated to the standards Board.
Accounting Standards Board in Australia.
Hence the actual drafting of accounting standards in
Australia is governed by the Australian Accounting Standards Board. The process involves continual review and
commences with discussion papers for both internal and external consultative
reviews with the various professional bodies.
The Board has 11 members including the Chair. The Chair
is appointed by the Minister for Superannuation and Corporate Law.
Members, are appointed by the Financial Reporting Council (FRC).
According
to its latest report accounting standards have increasingly become
internationalised to ensure consistency in their presentation. Currently the
International Financial Reporting Standards (IFRS) has been adopted in over 100
countries, including China, European Union, India, Korea and New Zealand.
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